| HUMAN GENOME SCIENCES ANNOUNCES COMPLETION OF REPURCHASE OF CONVERTIBLE SUBORDINATED NOTES | |
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ROCKVILLE, Maryland – October 19, 2004 – Human Genome Sciences,
Inc. (Nasdaq: HGSI) announced today that it has used all of the net proceeds
from its private placement of $280 million principal amount of 2¼% Convertible
Subordinated Notes Due 2011 to complete its planned repurchase of a portion
of its outstanding convertible debt. The repurchase includes $218.1 million
principal amount of the Company’s 3¾% Convertible Subordinated
Notes Due 2007, and $60.1 million of the Company’s 5% Convertible Subordinated
Notes Due 2007. Human Genome Sciences announced the closing of the private placement on October 4, 2004 and stated that it intended to use all of the net proceeds to repurchase, from time to time, a portion of its outstanding convertible subordinated debt. The initial purchasers of the private placement closed on October 4, 2004 have the option until October 29, 2004 to purchase an additional $20 million principal amount of 2¼% Convertible Subordinated Notes Due 2011. If the option is exercised, Human Genome Sciences intends to use all of the additional net proceeds to repurchase, from time to time, an additional portion of its outstanding convertible subordinated debt. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. HGS and Human Genome Sciences are trademarks of Human Genome Sciences, Inc. This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements are based on Human Genome Sciences’ current intent, belief and expectations. These statements are not guarantees of future performance and are subject to certain risks and uncertainties that are difficult to predict. Actual results may differ materially from these forward-looking statements because of the Company’s unproven business model, its dependence on new technologies, the uncertainty and timing of clinical trials, the Company’s ability to develop and commercialize products, its dependence on collaborators for services and revenue, its substantial indebtedness and lease obligations, its changing requirements and costs associated with planned facilities, intense competition, the uncertainty of patent and intellectual property protection, the Company’s dependence on key management and key suppliers, the uncertainty of regulation of products, the impact of future alliances or transactions and other risks described in the Company’s filings with the Securities and Exchange Commission. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of today’s date. Human Genome Sciences undertakes no obligation to update or revise the information contained in this announcement whether as a result of new information, future events or circumstances or otherwise.
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